News Summary
On December 22, 2025, Apollo Silver announced a non-brokered private placement of $25 million CAD. The financing is led by the company’s two largest shareholders, Eric Sprott and Jupiter Asset Management. The offering consists of 5,000,000 units priced at $5.00 per unit. Each unit includes one common share and one-half of a common share purchase warrant (Note: The NewsJSON says one full warrant, but the text says “Unit”, usually implying a warrant component). The warrants are exercisable at $7.00 for 24 months. This follows a $26.78 million raise completed in October 2025 at $3.60 per unit.
Material Impact
This financing is a significant validation of the company’s “Calico” project and the leadership of CEO Ross McElroy.
– Validation: Secured participation from Eric Sprott and Jupiter Fund at a 38% premium to the company’s October financing price ($5.00 vs $3.60), showing strong institutional appetite despite the stock being near 52-week highs.
– Funding: With the $26.7M raised in October and this $25M, Apollo is aggressively capitalized (estimated >$45M cash) to execute the 5,500m drill program and technical studies planned for 2026.
– Strategic Shift: The news solidifies Apollo’s ability to transition from a pure exploration play to a development-track company, leveraging silver’s new status on the USGS Critical Minerals list.
Catalysts
– Q1-Q2 2026 Drill Results: Results from the 4,500m geotechnical/metallurgical program and the 1,000m exploration program at the Burcham target.
– Mexico Access (Cinco de Mayo): The general assembly vote of the Ejido Benito Juárez in early 2026. This is a binary risk/reward event for the Mexican asset which has been blocked since 2012.
– Permitting Status: Progress on applying for the Fast-41 program in California, which could significantly compress the timeline for the Calico project.
– Preliminary Economic Assessment (PEA): Management has hinted at an upcoming PEA following the updated MRE.
Materiality Conclusion
The news is Material – Positive. While the company was already funded from the October raise, the participation of top-tier mining investors at a premium price during a period of technical breakout suggests a high level of confidence in the 2026 drill program and the regulatory tailwinds in the US.
